Companies Act 2014
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Liquidator shall inform court of jeopardy to other company or its creditors | ||
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821. (1) This section applies if the liquidator of an insolvent company is of the opinion that— | ||
(a) a restricted person is appointed or is acting in any way, whether directly or indirectly, as a director of, or is concerned or taking part in the formation or promotion of, another company, and | ||
(b) the interests of that other company or its creditors may be jeopardised by the matters referred to in paragraph (a). | ||
(2) In any case to which this section applies— | ||
(a) the liquidator shall inform the court of his or her opinion as soon as practicable, and | ||
(b) the court, on being so informed by the liquidator, shall make whatever order it sees fit. | ||
(3) A liquidator who, without reasonable excuse, fails to comply with subsection (2)(a) shall be guilty of a category 3 offence. | ||
(4) In this section “company” means any company referred to in section 819 (6). |